"24 June 2019" Archive

Are You Paying GST or Income Tax on Exchange of Assets?

Sometimes we exchange assets such as immovable property and ignore the taxation aspect thinking that as there is no money transaction, no tax is applicable.  Let us understand the correct tax implications in such cases. What is the meaning of exchange?  In exchange, the transfer of property takes place for a consideration other than mon...

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Posted Under: Income Tax |

Builder realised more price by issuing incorrect tax invoices- Guilty of Anti-Profiteering

Sh. Peeyush Awasthi Vs M/s Sun Infra Services Pvt. Ltd. (National Anti-Profiteering Authority)

Sh. Peeyush Awasthi Vs Director General of Anti-Profiteering (National Anti-Profiteering Authority) Respondent has denied benefit of ITC to the Applicants as well as the rest 36 purchasers of flats in contravention of the provisions of Section 171 (1) of the CGST Act, 2017 and has thus realized more price from them than what he was [&hell...

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Action against 271 companies in last three years to safeguard investors

In order to redress investors ‘grievances, action has been initiated against 95 companies in 2016-17, 101 companies in 2017-18 and 75 companies in 2018-19 under various provisions of the Companies Act. This was stated by the Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman in a written reply to a question in Lok S...

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Posted Under: Income Tax |

Govt to integrate FASTag Bank Mechanism with e-way bill to check GST evasion

Government proposes to integrate a FASTag Bank Mechanism with e-way bill and Logistic Data Services to track movement of goods and check GST evasion. The Government is contemplating integration of E-Way Bill mechanism of GST with FASTag System of National Highway Authority of India (NHAI). The aspect of Logistic Databank integration with ...

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Posted Under: Income Tax |

Status of Unaccounted Income/Wealth Inside & Outside Country

: The illegal economy consists of the income produced by those economic activities pursued in violation of legal statutes defining the scope of legitimate forms of commerce. Participants of illegal economy engage in the production and distribution of prohibited goods (drugs, for example) and services (prostitution, counterfeit currency, a...

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Posted Under: Income Tax |

Extend Due date of Filing ROC Form DPT 3

There is sufficient cause and need for the extension of filing of Form DPT 3 and unified reporting of other matters with a due date deadline congruent with the Annual Forms filing and nascent penalty provisions for small companies to foster friendly regime....

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Posted Under: Income Tax | ,

Ready Reckoner on GST w.r.t. Government Services

There are various services which are being provided by the government or services provided to the government. An ordinary person understands that services by/to government are exempted. But it is not true. Generally all the services by/to government are taxable until and unless exempted by the government....

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Posted Under: Income Tax |

Request for extension of due date of DPT-3 for exempt deposits not justified: MCA

File No: P-01/08/2013-CL-V Vol. VI (24/06/2019)

Auditor Certificate is mandatory only in case of return of deposits. Same is also mentioned In Instruction Kit given with e-Form DPT-3. So revision of time line for filing particulars of exempted deposit (receipt of money or loan which are not considered as deposit) is not justified....

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Steps taken by Govt for smooth Implementation of GST

Return filing is a continuous process and technical glitches and system related issues are addressed by the Goods and Services Tax Network (GSTN) to ensure smooth filing. Also, taxpayers committed errors while filing returns due to lack of familiarity with the new system....

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Posted Under: Income Tax |

Cenvat Credit of Swachh Bharat Cess paid on input services is available

M/s. State Street Syntel Services Pvt Ltd Vs Commissioner of CGST (CESTAT Mumbai)

Swachh Bharat Cess paid on input services has to be available as Cenvat Credit and the same can be discharged by utilising Cenvat Credit and assessee was therefore entitled for the refund of it....

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